NOTE (3) – Securities

The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios as of the periods indicated and the corresponding amounts of unrealized gains and losses which are recognized in accumulated other comprehensive income (loss):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
March 31, 2017:
Residential mortgage-backed	$	10,377	$	188	$	-	$	10,565
U.S. Government and federal agency	1,963		26		-		1,989

Total available-for-sale securities	$	12,340	$	214	$	-	$	12,554


December 31, 2016:
Residential mortgage-backed	$	11,022	$	192	$	-	$	11,214
U.S. Government and federal agency	1,960		28		-		1,988

Total available-for-sale securities	$	12,982	$	220	$	-	$	13,202

At March 31, 2017, the Bank had one U.S. Government and federal agency security with an amortized cost and an estimated fair value of $2.0 million and a contractual maturity of October 2, 2019. At March 31, 2017, the Bank had 24 residential mortgage-backed securities with an amortized cost of $10.4 million, an estimated fair value of $10.6 million and an estimated average remaining life of 4.4 years. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

At March 31, 2017 and December 31, 2016, securities pledged to secure public deposits had a carrying amount of $622 thousand and $629 thousand, respectively. At March 31, 2017 and December 31, 2016, there were no holdings of securities by any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

There were no sales of securities during the three months ended March 31, 2017 and 2016.